What Problem Are You Solving?

We're going to launch an NFT project. I'm sure you've heard this phrase thousands of times.

The last time I heard it, my immediate question was: What problem are you going to solve?

Unfortunately, I didn't receive a clear answer.

But I believe this is the fundamental question to ask before launching anything.

During the bull market, it was sufficient to launch a project with just a few bullet points on a website. However, times have changed. The market has become more rational, and projects that fail to address real problems will struggle to succeed.

I'll guide you through some Web3 examples, but let's begin with familiar companies to showcase the clear problems they aimed to solve:

Spotify: There was no user-friendly platform to legally stream music.

Pixar: High-quality computer animation was missing in the film industry.

Disney: There was no high-quality entertainment that could be enjoyed by both children and adults.

These companies identified clear pain points and set out to solve them, knowing that the resolution of these issues would significantly improve people's lives.

Web3 is no different.

Most known projects are actively solving, or attempting to solve, real problems.

Consider these examples:

Tokenproof: There's no user-friendly mobile app for verifying NFT tickets.

ENS domains: There's no on-chain solution for converting your public address into a user-friendly name.

Otherside: Vibrant virtual worlds with real economies and ownership are missing.

DeGods: There's no membership club where people are collectively building a startup.

Bored Ape Gazette: There's no news page dedicated to the BAYC ecosystem.

These represent both small and large problems that need solutions.

If NFT ticketing replaces traditional tickets, Tokenproof's problem becomes massive. If Ethereum turns into the supercomputer the world relies upon, ENS's problem is big. If Otherside draws hundreds of millions of people currently on Roblox and Fortnite, that's huge. While Bored Ape Gazette's problem might be smaller, it was still substantial enough to secure $150,000 in funding from ApeCoin DAO.

Identifying a problem is no guarantee of a solution, but it provides a clear objective to work towards.

I'm firmly convinced that successful businesses and future unicorns will emerge from Web3.

I'm confident the architects of these ventures are already among us.

Could it even be you?

But before you launch something, I urge you to ask yourself:

What problem are you going to solve? How will someone's life improve if you succeed?

If you've identified a real problem, congratulations, and best of luck in building.

If not, keep looking.

We're in an incredibly exciting position, with countless opportunities to build solutions that are needed for mass adoption. The hype is gone, but the future is bright.

Have a great day,

Beast.